Gone are the days of paper accounting records piling up in the corner. Business accounting software gives you access to key information with ease, and makes reporting a simple task rather than a chore. The right kind of accounting software helps small businesses track their financial health and identify potential problems early - avoiding serious mistakes and being caught unaware.These days, accounting software solutions let you manage as much or as little as you need to within the package. As well as generating invoices and financial statements, you can also opt for features that split bills by project, track expenses, pay your staff and much more.Accounting software also saves you the hassle of learning advanced bookkeeping practices, with built-in reports and processes to provide the data you'll need from the information you record.With so much on offer though, it can be tricky to work out which is the right accounting software for your small business's needs. Here are 7 things to think about when choosing your accounting package. How to choose the right accounting software1. What do you want to do?Sometimes the biggest stumbling block to picking your accounting software is working out what you need it to do. You'll have an idea of tasks you already do that you'd like automated or streamlined. However, you may not know what other features you can merge into your accounting software until you start looking at the options. Start thinking about what kind of tasks your bookkeeping software could do for you as you research your options. Small businesses might want the following:Have payroll functionality.Allow multiple currencies.Enable work across different countries and appropriate tax rules and regulations.Provide flexible accounting periods.Manage various cost centres and departments.Integrate stock lists. Know what your accounting software needs - such as the ability to manage multiple currencies. 2. Who needs to access your bookkeeping software? Depending on the size of your business, you may only need a couple of people to have access to your accounting software, or you may need multiple users. If you run several businesses, you may even need software that can handle multiple businesses within one login. With multiuser access you can ensure that everyone at director level can see what's going on, but leave the day-to-day entry and invoicing to somebody else. You may want to find a package that allows you to give users different levels of permission, so you can control who is able to authorise payments or see sensitive information such as staff salary data.It might not be only people within your immediate business who need access, if you employ an accountant or bookkeeper outside of your payroll staff, you may want them to have access to certain parts of the software too.3. Are you limited to an office?When you choose your accounting software, it's important to think about how it will be used, as well as which features you need. If you have a full administrative office, it may only need to work in one location. However, if you're managing the day-to-day from client sites or from home, you'll need to know you can use your bookkeeping software from anywhere. Likewise, if you do work with an accountant and want them to have access, they need to be able to login from their own premises.Cloud-based systems make this option a reality, and some accounting software programs offer mobile apps you can use to make quick payments or get an overview of your data at a glance. Consider accounting software with a mobile app if you need access when out of the office. 4.

Financial reports can be confusing to create and impossible to read, but they are crucial for any small business. Understanding where money is coming in from and what costs your business accrues enables you to make wise decisions for the future. You cannot plan growth or change if you don't know what you can spend, or if you're already eating into your profits - a small business needs financial reports.What are the benefits of good financial reports?A picture of revenue versus costs helps you predict your future.Good financial reports provide both an overview and detail. You need to be able to see quickly what you are operating with in terms of assets, cash and expenditure. But you also need to understand the long-term picture in order to make decisions about growth and investment.Well-organised and detailed financial reports show exactly what your business has available, what's coming in and what's going out. Having this sort of information to cover a large period of time builds a picture of revenue versus costs which help you predict your future and decide what changes need to be made. Good financial reports present a picture of income and expenditure. Why are financial reports so important for a small business?Decision making for the future - Big business decisions have to be logical, sensible and preferably supported by some form of research or data. Understanding how your business looks financially means you can make decisions about future investment wisely, with an understanding of what effect it will have on your day-to-day and future operations. You may identify costs that could be consolidated to streamline expenditure or identify areas that aren't bringing in as much money as you anticipated.Accountability - Financial reports allow you to scrutinise who or what is generating a profit, or draining resources. This means you start asking the right questions and address problem areas. Instead of guessing why your business is succeeding or failing, you can see clearly why and interrogate any failing systems. Accurate tax reporting - You need to be able to provide accurate accounts in order to prove tax obligations, as well as satisfy and attract shareholders and other investors. No one is going to trust a business that doesn't understand its own comings and goings. Finding software that presents data in a way you understand is key. ABM's software produces crucial statistics in data or graphical form, with the ability to export them into whichever format you need. You can search and filter reports to properly analyse the details.See how ABM can improve your financial overview with a live demo or by contacting our team today.